ProShares UltraShort QQQ Mega (QQDN)

ProShares UltraShort QQQ Mega (ticker QQDN) is a leveraged inverse exchange-traded fund from ProShares. It seeks daily investment results, before fees and expenses, of two times the inverse (-200%) of the daily performance of an index composed of the largest companies in the Nasdaq-100.

The fund obtains its short exposure through swap agreements and other derivatives and rebalances daily. It is designed to rise when the mega-cap Nasdaq-100 stocks fall on a given day and to decline when they rise.

Because the objective resets each day, compounding causes results over periods longer than one day to differ, often substantially, from two times the inverse of the index's return over that period.